Buoyant Fish! group speeds up expansion

Brisk business in the six months to 30 April prompted restaurant group Fish! to speed up its expansion programme and reorganise its board.

Operations director Paul Gilligan has taken over as chief executive from Jeremy Ormerod, who has resumed the role of finance director. Restaurants director Eric Garnier has become operations director.

Fish! opened three restaurants in the six months, bringing its total to eight. Two were in London, in Fulham and Putney, and the other was in Birmingham.

Since May it has opened restaurants in Blackheath in London, Leeds, and Epsom in Surrey. A further five will open by October and another 12 next year.

Pre-tax profits in the company's restaurant and food wholesale business soared from £78,000 last year to £615,000 on turnover up 40% to £8.4m.

In its restaurants alone, turnover increased by 168% to £3.6m and operating profit by 190% to £862,000.

Those restaurants in business for more than six months achieved at least a 40% return on capital, except for that in Battersea, London, which broke even.

A staff training academy is to be built at the Battersea restaurant.

This month the group opened its third shop, selling wet fish and kitchen accessories, at its restaurant in Guildford, Surrey.

by Angela Frewin